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Oyo Govt signs MoU with MFBs to disburse N1bn loan to farmers

The Oyo State Government on Thursday signed a Memorandum of Understanding with the participating financial institutions as part of efforts in ensuring a hitch-free disbursement of the N1 billion single digit loan to farmers.

Recall that the disbursement is part of the government’s palliative measures under the Sustainable Action for Economic Recovery SAfER.

In his address at the Boardroom of the Corporation, the Chairman, Agricultural Credit Corporation of Oyo State, (ACCOS) Sheik Taofeeq Akeugbagold said the move was necessary to fast track disbursement of the loan to the beneficiaries and accredited farmers.

He explained that the Board had observed a delay in the disbursement process of the single digit loan in the early part of December after the official flag off of the disbursement by some participating banks.

The Board Chairman maintained that the government is interested in alleviating hardship encountered by the farmers in the state occasioned by the removal of fuel subsidy in the country.

He therefore urged the authorized financial institutions to fast track disbursement of loan to the accredited farmers, adding that more funds would be released as soon as the #1b loan is disbursed.

In his remarks, the Corporation’s General Manager, Comrade Ogundiran Emmanuel, hinted that government has graciously approved that Officers Local Government Service as well as the TESCOM Teachers can equally serve as guarantors for farmers who are interested in the loan, this would reduce problem earlier presumed by the farmers.

He enjoined the financial institutions to attend to farmers without further delay as the Board would ensure availability of funds.

In his reaction, the Zonal Manager, South West Bank of Agriculture, Mr. Hakeem Esho promised to put more efforts into the disbursement of the loan, stressing that his organization has commenced disbursement, promising to intensify efforts.

He implored other Finance institutions to commence disbursement without further delay.

The accredited participating financial institutions for the disbursement of the single digit loan are, Bank of Agriculture Ibadan, Oyo and Ìséyìn, Igbo-Ora Microfinance Bank, Onibuore Micro finance Bank, Randalpha MFB, Ifedapo MFB and Igboora MFB.

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